Gray Television (NYSE:GTN) Shares Gap Up After Earnings Beat

Gray Television, Inc. (NYSE:GTN) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $6.66, but opened at $6.97. Gray Television shares last traded at $7.14, with a volume of 215,627 shares changing hands.

The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.25. Gray Television had a negative net margin of 2.32% and a negative return on equity of 3.76%. The company had revenue of $823.00 million for the quarter, compared to the consensus estimate of $824.98 million. During the same period in the previous year, the firm posted ($0.48) EPS. Gray Television’s revenue for the quarter was up 2.7% compared to the same quarter last year.

Gray Television Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date was Thursday, March 14th. Gray Television’s payout ratio is -23.02%.

Analyst Ratings Changes

A number of brokerages recently commented on GTN. Barrington Research reaffirmed a “market perform” rating on shares of Gray Television in a report on Tuesday, February 27th. Benchmark lifted their target price on Gray Television from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Wells Fargo & Company increased their price target on Gray Television from $5.50 to $6.00 and gave the company an “underweight” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $11.40.

Insider Buying and Selling at Gray Television

In related news, CEO Hilton H. Howell, Jr. acquired 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was bought at an average price of $8.09 per share, for a total transaction of $80,900.00. Following the acquisition, the chief executive officer now directly owns 2,982,386 shares of the company’s stock, valued at approximately $24,127,502.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 13.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Gray Television

Institutional investors and hedge funds have recently bought and sold shares of the company. Entropy Technologies LP purchased a new position in shares of Gray Television during the first quarter valued at $73,000. Russell Investments Group Ltd. grew its holdings in Gray Television by 3.2% during the 1st quarter. Russell Investments Group Ltd. now owns 212,937 shares of the company’s stock worth $1,346,000 after acquiring an additional 6,652 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Gray Television during the 1st quarter valued at about $1,093,000. Empowered Funds LLC bought a new stake in shares of Gray Television in the 1st quarter valued at about $2,010,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Gray Television by 168.1% in the 1st quarter. BNP Paribas Financial Markets now owns 67,101 shares of the company’s stock worth $424,000 after purchasing an additional 42,075 shares during the period. 78.64% of the stock is owned by institutional investors.

Gray Television Trading Up 5.7 %

The stock has a market capitalization of $692.58 million, a P/E ratio of -5.04, a P/E/G ratio of 0.15 and a beta of 1.55. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.12. The stock’s 50 day moving average price is $5.94 and its 200-day moving average price is $7.39.

Gray Television Company Profile

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.